The Hindu Business Line : Thursday, November 06, 2003

Accept rupee appreciation gracefully
While the rupee's rise has helped some exporters to rein in costs and increase their competitiveness in the global market, in general, profit margins have eroded. Indian importers, borrowers of foreign currency and the consumer have, however, all ga ined. The clamour for government intervention to depreciate the rupee thus seems overdone, says K. Abraham Varkey. More

FOREX

Rupee gains 3 paise; securities spurt
THE rupee ended on Wednesday three paise stronger at 45.2850/2950 against the dollar from Tuesday's close of 45.3100/3150. The rupee opened at 45.30/31, touched an intra-day high of 45.2850 on FII dollar supplies, and went to a low of 45.3475. ... More

CREDIT POLICY

Credit Policy: Reinforcing the feel good factor
THE Reserve Bank of India's mid-term review of monetary and credit policy for fiscal 2004 reinforces the "feel good factor" currently prevailing in the economy. Its upward revision of GDP growth expectation to 6.5-7 per cent and lower revision ... More

Credit systems get a boost
THE larger impact of the Credit Policy is towards creating greater banking efficiencies, superior deliverables and credit mechanisms particularly in the food & agribusiness and micro credit segments which are key to unleashing a higher economic ... More

LIFE INSURANCE

ICICI PruLife premium income up 170 pc
ICICI Prudential Life Insurance recorded a premium income of Rs 184 crore, during the half year ended September 30, clocking a growth of 170 per cent over Rs 68 crore in the corresponding period of the previous year. "We believe that scale in ... More

GENERAL INSURANCE

Royal Sundaram joins hands with ING Vysya Financial
ROYAL Sundaram Alliance Insurance Company Ltd (RSAICL) has tied up with ING Vysya Financial Services Ltd (IVFSL), for distribution of non-life risk cover products. Jointly addressing a press conference after signing a letter of intent for the ... More

Insurance officers demand talks on wage revision
THE General Insurance Officers All-India Association (Gioaia) has urged the authorities to hold talks on wage revision in the public sector general insurance companies. The previous agreement expired in July 2002. The managements could not ... More

Bajaj Allianz H1 premium income touches Rs 218 cr
BAJAJ Allianz General Insurance has earned a premium income of Rs 218 crore for the half-year ended September 30, 2003, a 70-per cent increase over the corresponding period of the previous year at Rs128 crore. Net profit grew to Rs15.3 crore ... More

RBI & OTHER CENTRAL BANKS

RBI trims rates on RIDF deposits, loans
THE Reserve Bank of India has rationalised the interest rate structure under the Rural Infrastructure Development Fund (RIDF) and revised lending and deposit rates in respect of the undisbursed amounts of RIDF-IV to IX effective from November 1, ... More

RBI withdraws Stockinvest scheme
THE Reserve Bank of India has decided to withdraw Stockinvest Scheme with immediate effect following several measures that have reduced the allotment process of IPOs. RBI in a notification said it is observed that the use of Stockinvests, as a ... More

PRIVATE BANKS

Damodaran on IDBI Bank board
MUMBAI: The Chairman and Managing Director of IDBI, Mr M. Damodaran, will be nominee director on the board of its subsidiary, IDBI Bank, with effect from November 4. IDBI Bank Ltd has informed the BSE that Mr P.P. Vora withdrew from ... More

PUBLIC SECTOR BANKS

Tech upgradation, younger HR profile — BoI chief outlines growth strategy
THE Chairman and Managing Director of Bank of India, Mr M. Venugopalan, has sought the co-operation of the staff for taking the bank to the No.1 position by 2005. "It is my vision and I am confident of realising it within the next two years. ... More

FINANCIAL INSTITUTIONS

PFC plans to float Rs 500-cr venture capital fund
POWER Finance Corporation (PFC) is planning to float a venture capital fund, India Power Fund (IPF), with a corpus of Rs 500 crore. "We plan to raise the monies from financial institutions, banks and Central power sector undertakings like ... More

GOVT BONDS

Govt floating rate bonds auction opens tomorrow
THE Government of India has announced a Rs 5,000-crore auction of "floating rate bonds, 2012" using the uniform price method, to be held on November 7. Up to five per cent of the notified amount of the sale of the bonds will be allotted to ... More

CREDIT CARDS & DEBIT CARDS

Karur Vysya, UTI Bank pioneer debit card tie-up
KARUR Vysya Bank has launched a debit card using UTI Bank's infrastructure to limit related expenses; the first occasion two banks in India have shared infrastructure for a debit card. The tie-up helped reduce intermediary cost (in this case ... More

PEOPLE

New post for Samal

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